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Overview

Investment Approach

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in fixed income securities. These include bonds and money market instruments.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Share Class performance displayed in EUR and Benchmark performance displayed in USD. Source: BlackRock. Performance is shown on a net asset value basis, with gross income reinvested. Past performance is not a guide to future performance.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Sergio Trigo Paz, Managing Director, is the Head of Emerging Markets Portfolio Management for BlackRock's Global Fixed Income group.

Prior to joining BlackRock in 2012, he was CIO of Emerging Market Fixed Income at BNP Paribas Investment Partners where he also managed a special situations and event driven EM hedge fund and was responsible for total and absolute return EM strategies.

During his career, Mr. Trigo Paz has extensive experience in emerging markets debt as a proprietary trader, market maker and exotic/distressed debt trader and has also worked at Banca Intesa Sub, ANZ, LTCB and Societe Generale. He has developed an innovative thematic investment process combining a global factors approach with on-the-ground due diligence and special situations scenario analysis. His unique investment process is now being applied to emerging market funds, differentiating it from more traditional top-down/bottom-up approaches.

Mr. Trigo Paz graduated with an MSc in Economics, an MSc in Finance and an MPhil in Management from Paris Sorbonne University in 1993.

He is the lead Portfolio Manager in his team and has the responsibility for managing and overseeing its activities. Mr Aubenas has more than 15 years of experience in emerging market debt portfolio management, research and strategy.

Prior to joining BlackRock in 2012, Mr Aubenas was a senior portfolio manager for the Emerging Markets Debt team at Fischer Francis Trees and Watts (part of the BNP-Paribas group), where he was managing Sovereign Debt Strategies and shared regional coverage of Eastern Europe, Latin America and Frontier markets. Prior to that, Mr Aubenas held several positions as an EM Debt Portfolio manager, where he gained a cross-assets investment expertise in external debt (Sovereign, quasi-Sovereign and Corporate), local rates and currencies.

Michel studied at Dauphine University in Paris, where he earned a Masters in Banking and Finance in 1999, and a MSc in Economics and a BSc in Applied Mathematics in 1998.

Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Read the prospectus carefully before investing.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The fund may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.